IASB Proposes Amendments to Standards

By
Nancy Fass

July 1, 2019

0 comments

The International Accounting Standards Board (IASB) has proposed amendments to four standards—IFRS 1, IFRS 9, IFRS 16, and IAS 41—as part of its annual maintenance of and improvements to the International Financial Reporting Standards.

The proposed changes are narrow in scope. The proposed amendment to IFRS 1, First-time Adoption of International Financial Reporting Standards, would simplify the application of the standard by a subsidiary that becomes a first-time adopter of IFRS after its parent company has already adopted them. The change to IFRS 9, Financial Instruments, would clarify the fees a company includes in assessing the terms of a new or modified financial liability to determine whether to derecognize a financial liability.

The change to the illustrative examples accompanying IFRS 16, Leases, would remove the potential for confusion regarding lease incentives. And the change to IAS 41, Agriculture, would align the fair value measurement requirements in that standard with those in other IFRS standards.

To see the exposure draft, go to bit.ly/31rSYca. The comment deadline is August 20, 2019.

Nancy Fass is a senior editor for IMA® (Institute of Management Accountants). She can be reached at nfass@imanet.org.